Table 4.

Estimation results for the metro ridership in Beijing.

	Panel I: Full model (control for imported COVID-19 cases)				Panel II: Restricted model (no control for imported COVID-19 cases)
	(1)		(2)		(3)		(4)
Variable	Coef.	S.E.	Coef.	S.E.	Coef.	S.E.	Coef.		S.E.
Constant	−36.988***	6.971	−37.308***	7.311	−38.125***	6.964	−38.041***		7.295
COVID19cum14	−0.091***	0.010	n. a.	n. a.	−0.087***	0.010	n. a.		n. a.
COVID19	n. a.	n. a.	−0.627***	0.109	n. a.	n. a.	−0.608***		0.108
COVID19im	−0.528**	0.254	−0.320	0.263	n. a.	n. a.	n. a.		n. a.
LevelI	−48.157***	1.883	−51.239***	1.911	−49.021***	1.843	−52.700***		1.876
LevelII	−19.796***	1.797	−23.834***	1.789	−19.732***	1.803	−23.701***		1.788
GDPd	0.208***	0.068	0.204***	0.071	0.218***	0.068	0.211***		0.071
Temperature	−0.250***	0.051	−0.209***	0.053	−0.257***	0.051	−0.215***		0.053
Precipitation	−0.150**	0.064	−0.177***	0.066	−0.151**	0.064	−0.177***		0.067
Weekend	−10.967***	0.993	−10.716***	1.037	−10.977***	0.997	−10.732***		1.038
AIC	4712		4761		4714		4759
BIC	4756		4809		4754		4799
Observation	609		609		609		609

Note: ***, **, and * indicate statistical significance at the 1%, 5%, and 10% levels, respectively.